Most borrowers reject fixed rate

Most homeowners are choosing to stick with their variable rate mortgages with only ten per cent saying they are opting to fix their rate now.

According to an online survey by News Ltd, 57% of borrowers are happy to stay with their variable rate mortgage, while 19 per cent said they would wait and see what the Reserve Bank chooses to do at its November board meeting today. 12% were already in fixed rate mortgages and 10% said they were switching to a fixed rate mortgage.

The Reserve Bank is expected to raise interest rates by about two per cent over the next 12 months.

If you are thinking about fixing your home loan, speak to the mortgage brokers at Intellichoice about finding the right fixed rate home loan for you.